Gasoline Futures Retreat

US gasoline futures eased below $3.35 a gallon after reaching a high of $3.45 earlier in the session, although remaining elevated as the conflict in the Middle East shows no sign of waning. Iran warned of counterstrikes should the US hold military pressure, while Iran-backed Houthis have advanced control of the Bab al-Mandeb Strait. Ukrainian strikes on Russian infrastructure also squeezed its refined output. Meanwhile, the IEA cut its global oil demand outlook due to reduced supply and higher refined product prices. Additionally, EIA data showed that US gasoline inventories rose by 1.269 million barrels in the week ending September 4th, although fuel production declined even with US refineries operating near full capacity, as higher refining margins provide incentive to maximize production even as the broader oil system remains constrained. The average national regular gasoline price in the US climbed further to $4.3 a gallon on September 11th, according to AAA.

US gasoline futures rose to around $3.35 a gallon, reaching their highest level since late July, as tensions in the Middle East show no sign of waning, reducing the outlook for refined fuel supply. Tehran stated it would continue counterstrikes if attacks from the US military persist. Adding to the pressure, Saudi Arabia reported that its crude oil output in August plunged to its lowest level since 1990, as the war in the Middle East continued to disrupt its export routes. Saudi and Yemeni officials stated that the Houthis are now nearing complete control of the Bab al-Mandeb Strait, while Russia's energy infrastructure remains pressured from persistent Ukrainian strikes. Meanwhile, EIA data showed that US gasoline inventories rose by 1.269 million barrels in the week ending September 4th, although fuel production declined even as US refineries are operating near full capacity. According to AAA, the average national US regular gasoline price jumped to $4.28 a gallon on September 10th.

Gasoline increased to 3.37 USD/Gal, the highest since July 2026. Over the past 4 weeks, Gasoline gained 7.1%, and in the last 12 months, it increased 70.57%.